Seafood Industry 2023

Top insights for Seafood Markets:

In 2019, Fish and seafood consumption accounted for 20 per cent of animal protein intake for 3.2 billion people.

In 2018, Processed Fish & Seafood sales increased by 6.2% in comparison to 2017 and reached US$175 billion and 18,86 billion kg.

The global market for Aquaculture and Fisheries is projected to reach 188 million tons by 2020, driven by surging consumption of seafood in both developed as well as developing regions and the continuous decline in natural fish stock.

Aquaculture supply is expected to be over 60% of the world's seafood consumption by 2030

Overview per country:

• Japan: Japan has the highest rate of seafood consumption in the world: Total consumption of seafood was 5.8 million MT in 2016, and the Japanese seafood imports totaled 2.5 million MT in 2017.
• China: The Trade Deal stipulates that China will buy $12.5 billion more worth of total agricultural and seafood imports compared to 2017 baseline imports from the U.S. in 2020 and $19.5 billion more in 2021.
• US: In 2017, the export turnover of seafood reached USD 8.3 billion, with shrimp exports accounting for the largest proportion with a turnover of USD 3.8 billion.
• Europe: The total seafood consumption (Whole Fish Equivalent, WFE) in the EU reached 12.852 million tonnes in 2018.
• Europe: From 2012 through 2017, the sustainable seafood segment in major European markets grew by about 12% while market demand for other seafood segments declined.
• Europe: The EU is reportedly increasing its dependence on seafood imports due to their inability to meet the growing demand in European fisheries, against the growing consumer interest in locally sourced food (Newton and Little, 2017)
• Norway: In 2019 Norway exported 1.6 million tons of seafood to the EU, valued at 68 bn NOK. This represents 59 percent of total seafood exports in volume, and 63 percent of the value.

Top view datapoints for Seafood Markets:

• Household Expenditure on Seafood in the US - 1984 to 2019
• Household Expenditure Forecast on Seafood in the US - 2019 to 2023
• Global Seafood Imports by country - 2016
• Global Seafood Import Forecasts by country - 2019 to 2023
• European Seafood Market size (value) by country - 2011 to 2019
• European Seafood Market size forecast (value) by country - 2019 to 2023